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NEW YORK (MarketWatch) -- Phillips 66
(psx)
rose 1.4% and Newfield Exploration
(nfx)
moved up 1.1% as energy stocks gained on Tuesday. While the broad equities market lost ground, energy stocks tapped into rising prices of crude oil futures
(clx2)
, up by about 1.2% to $90.37 a barrel. The Energy Select Sector SPDR Fund
(xle)
, which includes energy stocks in the S&P 500, rose 0.1%. Among that group, Peabody Energy Corp.
(btu)
advanced by 1.6% and Noble Corp.
(ne)
rose 1.3%.

09:39AM

U.S. stocks open lower on earnings caution
(
DJIASPXCOMP
)
by Kate Gibson

NEW YORK (MarketWatch) -- U.S. stocks began Tuesday with modest declines as investors braced for quarterly earnings and after the International Monetary Fund offered another outlook of slower global growth. The Dow Jones Industrial Average
(djia)
fell 17.20 points, or 0.1%, to 13,566.45. The S&P 500 index
(spx)
declined nearly 2 points, or 0.1%, to 1,454.02. The Nasdaq Composite
(comp)
lost 11.23 points, or 0.4%, to 3,101.12.

NEW YORK (MarketWatch) -- Analysts at Stifel Nicolaus on Tuesday hiked their third-quarter earnings estimate for Warren Buffett's holding company, Berkshire Hathaway
(brka)
(brkb)
on expected strong results its Geico and other insurance units, as well as other strengths. Analysts now forecast Berkshire to earn $2,133 a share in its fiscal third quarter, up from their earlier estimate of $1,974 a share and above the analyst consensus target of $2,009 a share. They also increased their 2013 profit target for the company to $8,512 a share from $8,273 a share. Despite Hurricane Isaac, third-quarter global catastrophes are likely to come in under trend in a boost to Berkshire's reinsurance business, analysts said. Total unit volume at Burlington Northern Santa Fe rose 5.7% on an uptick in coal volume.

08:49AM

Europe stocks erase losses, oil firms move higherby Sara Sjolin

LONDON (MarketWatch) -- European stock markets erased losses in afternoon action on Tuesday, as oil firms and miners extended gains on the back of firmer commodity prices. Oil futures for November delivery
(clx2)
jumped 1.4% to $90.61 a barrel. The Stoxx Europe 600 index
(xx:sxxp)
added 0.2% to 271.90, after trading in negative territory for most of the trading day. France's CAC 40 index
(fr:px1)
gained 0.5% to 3,424.28, while Germany's DAX 30 index
(dx:dax)
picked up 0.1% to 7,301.52. The U.K.'s FTSE 100 index
(uk:ukx)
slipped 0.1% to 5,837.51.

NEW YORK (MarketWatch) -- Barclays PLC
(bcs)
(uk:barc)
will buy the deposits, mortgages and business assets of ING Direct U.K., a unit of ING
(ing)
(nl:ina)
, for an undisclosed sum, the lender said on Tuesday. As part of the deal, Barclays will purchase 10.9 billion pounds, or about $17.5 billion, in deposits. The deal is part of ING's review of its business. The deal also includes about 5.6 billion pounds of mortgages, or about $9 billion based on current exchange rates. Shares of Barclays rose 0.6% in premarket trades. When the deal closes about 1.5 million customers and 750 ING Direct U.K. employees will transfer to Barclays. The deal is expected to close in the second quarter of 2013.

NEW YORK (MarketWatch) -- State Street Corp.
(stt)
will charge depositors 0.75% a year for holding Danish kroner starting on Nov. 1, with a separate charge for Swiss francs, according to a report by Bloomberg that cited a note to clients. Bank of New York Mellon Corp.
(bk)
will also charge clients as its customers seek havens from the weakening euro, the report said. Bank of New York Mellon and State Street rank as two of the biggest custody banks in the world. Their customers include money managers, pension funds and insurance firms. State Street plans to levy a negative interest rate of 0.25% for accounts in Swiss francs, according to the report.

NEW YORK (MarketWatch) -- RadioShack Corp.
(rsh)
shares scored an upgrade from Bank of America Merrill Lynch analysts who said on Tuesday that recent negative events have driven the shares down to an attractive price in recent weeks. "RadioShack ousted its CEO/Chairman of the board, and the stock was removed from the S&P mid-market index. Dividends, buybacks and financial guidance have been suspended. With the market cap equivalent to just 20% of inventory and accounts receivable, over $1 billion of liquidity and potential for new leadership to take action, we see opportunities for upside and lift our 12-month price outlook to $2.50 ($2 prior), representing a price/sales ratio of 0.05 times," the analysts told clients in a note.

07:47AM

Owens Corning sees weakness in roofing business
(
OC
)
by Steve Gelsi

NEW YORK (MarketWatch) -- Owens Corning
(oc)
said Tuesday that weakness in the roofing business has persisted in its fiscal third quarter. The Toledo, Ohio, building materials maker said it now expected its roofing segment to report $2 billion in revenue for fiscal 2012. Analysts surveyed by FactSet have estimated 2012 revenue of $2.15 billion for the company's roofing unit. The company also said the outlook for its composites business has also weakened. Full-year adjusted earnings before interest and taxes are now expected to be $280 million to $310 million, "with the primary uncertainty through the remainder of the year attributed to roofing volumes," the company said.

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